When Alex Webb launched IT services provider F12.net in the basement of his Edmonton home in 1996, he was guided by a simple conviction: the internet offered transformative power to boost productivity and profitability, but most companies would need help to unlock that potential. In its early years, F12 focused on foundational services—setting up servers, computers, and websites for small businesses. Over time, the company grew to nearly 200 employees as it expanded into more sophisticated offerings, including productivity software, private cloud, and cybersecurity.
By 2019, however, Webb recognized the limits of F12’s growth trajectory. While the company had built a strong base of small business clients, it struggled to break into organizations with more than 200 employees. “We needed a partner who understood the Technology Services space and had experience scaling businesses from $5 million to $20 million in EBITDA,” he says.
At the same time, Mitch Green, a Managing Director at Clairvest Group Inc., a Toronto-based private equity firm, was looking for a Canadian investment in the Technology Services space to complement the firm’s success with U.S.-based Meriplex Communications. “Where we really add value is working with founder-led businesses that have achieved a lot but need to make investments to get to the next level,” says Green. “That generally includes upgrading systems and processes, pursuing acquisitions, and adding bench strength to the leadership team.”
Green was drawn to F12’s strong service culture, while Webb was impressed by Clairvest’s track record in Technology Services. With their priorities aligned, Webb and Green formalized their partnership in 2020 and set out to scale the business.
Shifting the Mindset
In the first year of the partnership, the focus was on strengthening F12’s foundation. That included expanding the executive team to bring in a CFO and a CRO, as well as upgrading internal systems and reporting to support a larger, more complex business.
Another major change was broadening F12’s product strategy. “Mitch had an oft-repeated saying: don’t be the biggest little managed services provider,” says Webb. “We were operating like a smaller company even though we had already reached a meaningful size. We were stuck in our ways in terms of what we offered to the market, and that was limiting our ability to grow.”
Historically, the company focused on a full service offering that combined hardware, infrastructure, and support into a single subscription. While that approach worked well for smaller clients, it limited F12’s attractiveness to larger organizations that prefer more flexible, targeted solutions.
With Clairvest’s guidance, F12 introduced more flexible point solutions, including standalone cybersecurity services—an area where the company already had deep expertise but had not previously emphasized. The shift allowed F12 to compete for bigger clients and reposition itself in the market. The impact was immediate. Over the course of the investment partnership, average revenue per client increased by 60 per cent.
Clairvest also played a hands-on role in building F12’s M&A capabilities. The firm helped identify acquisition targets, supported initial outreach, and worked alongside management on due diligence, deal structuring, and financing. “Clairvest was very engaged in the early years,” says Green. “Over time, the F12 team built the internal capability to take on more of that work themselves, culminating in management taking lead in the transformative acquisition of AMTRA Solutions in 2025, which strengthened F12’s position in the Microsoft ecosystem.”
Setting Up the Next Phase of Expansion
In December 2025, Clairvest exited its investment in F12 after five years of sustained success, with the company delivering 230 per cent EBITDA growth over that period. The transaction generated a 4.6x multiple of invested capital—an outcome that earned Clairvest the PE Regional Impact Award, Western Canada, sponsored by KALOS LLP.
“It was a strong result, not just financially, but in what the business became,” says Green. “We were able to attract higher-calibre talent and build a culture devoted to career development, while also driving consistently high customer satisfaction. Employee headcount roughly doubled during our investment and average wages increased by more than 50 per cent, which speaks to the quality of the organization.”
As for F12, the company that began as a one-person operation now has 490 employees across Canada. The next phase is about continuing that progress while staying true to its founding vision. “It’s never just been about size for us; it’s about being the best managed services provider,” says Webb. “We were able to triple the size of the business during our time with Clairvest. The goal now is to do that again at a larger scale, while continuing to raise the bar on what we deliver to our clients.”
